Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.01.19~02.01)*
Written by Heechang Kang
1. [News] Hashed Unveils Maroo: a Layer 1 Purpose-Built for Finance, with Optimized Stablecoin Issuance
Source: Hashed's New Blockchain 'Maroo' Targets Mass Adoption with Built-In DeFi
Korean crypto investment firm Hashed has launched Maroo, a Layer 1 blockchain purpose-built for finance, pursuing mass adoption as the core thesis. Maroo aims to rebuild the liquidity structures that currently sit across siloed DeFi apps, and reassemble them at the chain layer itself. In this architecture, stablecoin and stable asset issuance, lending, swaps, derivatives, and RWAs are not stacked as protocol add-ons, but are placed inside the base settlement layer of the L1. By design, standardizing this settlement layer at the chain level improves capital efficiency and shortens execution paths for users.
Stablecoin issuance on Maroo is a distinct feature set. The architecture can accommodate both USD-pegged dollar stablecoins and variant designs such as non-USD fiat-pegged stablecoins, commodity-backed stablecoins, and yield-bearing stablecoins, while making issuance and redemption usable for retail consumers. Maroo's built-in stablecoin engine supports programmable restrictions—transfer limits, geographic compliance—and issuance formats aligned with local regulatory frameworks. Its architecture also recognizes non-USD fiat stablecoins as first-class primitives.
Hashed anchored Maroo through an extensive partner stack. Integrations across the stack include: Orderly Network for orderbook infrastructure, Canopy for institutional RWA credit, Arcium and Avantis for on-chain derivatives and trading, and Bitkub and Hashkey Exchange as CEX partners for on/off-ramps. On the stablecoin side, Tether (USDT), Ethena (USDe), Paxos, Gemini, Curve, Yala, Elixir, Perena, Resolv, Frax, Usual, and MoveFree have signed on, creating significant initial liquidity on day one. Hashed is positioning Maroo explicitly as "Asia's onchain financial infrastructure," with a particular emphasis on Korea. The firm is signalling an active push to expand onto Maroo from within the regulated Korean institutional finance ecosystem, starting with its own portfolio companies as an early flywheel.
2. [Commentary] The Next Phase of On-Chain Financial Infrastructure
2.1 Heechang (Strategy Lead, Four Pillars)
Maroo's launch is a significant case that shows how a "finance-purposed Layer 1" can be positioned within Asia's crypto ecosystem. The crypto industry has long been solving DeFi problems at the protocol layer, often building on general-purpose blockchains. Maroo takes a different stance: it moves the core settlement layer of financial infrastructure—stablecoin issuance, lending, derivatives, RWAs—inside the chain itself. Viewed through the lens of Asia's stablecoin landscape, this is a compelling design choice. Tokenization of regulated assets, fiat-anchored stablecoins, and cross-border liquidity all require a settlement environment that is more regulator-friendly and more capital-efficient than what general-purpose chains deliver today.
Hashed's positioning approach is particularly strategic. Rather than framing Maroo as another global-first L1, Hashed is clearly targeting Asia, and especially Korea, where regulated institutional finance is only beginning to open up to blockchain-native rails. By surfacing its own portfolio companies as early integrators, Hashed is engineering a credible flywheel—regulated institutional use cases on-chain. If Korean securities firms issuing tokenized KTBs, banks experimenting with deposit tokens, and major non-financial enterprises tokenizing RWAs all end up using Maroo as their base settlement layer, Maroo's position as Asia's core financial rails will be meaningfully strengthened.
The deep stablecoin partner stack is a real moat. Institutional DeFi is bottlenecked by initial stablecoin liquidity, and Maroo solves that at launch by onboarding Tether, Ethena, Paxos, Gemini, and others from day one. This is a structurally strong move, hard to replicate elsewhere. The real test from here is execution: sustaining regulator-grade compliance for the full Korean institutional stack, recruiting the full set of Korean financial institutions, and building the kind of institutional-grade custody, compliance, and reporting tooling that institutions actually need. If Maroo can own "Asia's financial settlement layer" at a meaningful scale, it could be one of the most important positioning stories of Asia-origin blockchain projects in this cycle.
The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see here for FP Validated’s participating network disclosures and here for broader disclosure details.
